The document discusses insider trading regulations in the United States and proposes reforms for Turkey. It defines insider trading and outlines who can be considered insiders. It explains key US regulations like Section 16, Rule 10b-5, and Rule 14e-3. It compares US and Turkish regulations, enforcement approaches, and proposes reforms for Turkey such as expanding the definition of insider trading and adding penalties and bounty provisions.
The Securities Act of 1933, as amended (the “Securities Act”) requires the sale of a security to be registered under the Securities Act, unless the security or transaction qualifies for an exemption from registration. Rule 144 of the Securities Act provides a safe harbor that permits holders of “restricted securities” to resell their securities in the public market if specific condition
Principle Based Regulation
Legislative Notes
Provides specific defenses
Introduced Trading Plans
Crucial Role for Compliance Officer
Everybody connected directly or indirectly is covered
What is Unpublished Price Sensitive Information?
What is the role of Compliance Officer in implementing this Regulations.
The Securities Act of 1933, as amended (the “Securities Act”) requires the sale of a security to be registered under the Securities Act, unless the security or transaction qualifies for an exemption from registration. Rule 144 of the Securities Act provides a safe harbor that permits holders of “restricted securities” to resell their securities in the public market if specific condition
Principle Based Regulation
Legislative Notes
Provides specific defenses
Introduced Trading Plans
Crucial Role for Compliance Officer
Everybody connected directly or indirectly is covered
What is Unpublished Price Sensitive Information?
What is the role of Compliance Officer in implementing this Regulations.
There are complex securities laws that can be triggered in the business acquisition context. Because the penalties for securities violations are severe, it is always worth the time to have securities counsel review the transaction and confirm compliance with the securities laws.
In this age of global business operations and opportunities, it is a business imperative to have an effective FCPA Compliance Program. In this webinar co-hosted with Paul Murdock of MCG Consulting we explore and discuss Foreign Corrupt Practices Act compliance and actions to achieve a FCPA Compliance Program.
For a full video of the recording visit: https://mco.mycomplianceoffice.com/mco-webinar/foreign-corrupt-practices-act-fcpa-compliance-webinar
Government Investigations and Enforcement ActionsPolsinelli PC
The fifth webinar presentation in the M&A Litigation Series examines compliance pitfalls associated with M&A transactions. We will discuss how to evaluate antitrust risks of a transaction. We also will address compliance concerns – such as antitrust, the Foreign Corrupt Practices Act, the False Claims Act, and export control issues – that could significantly impact the scope, duration, and magnitude of necessary due diligence. Finally, we will address post-merger considerations that could decrease the severity of a compliance concern if one were to arise after a merger or acquisition has been completed.
On our agenda:
-Pre-transaction – evaluating the transaction itself from an antitrust perspective
-Pre-closing – managing client conduct and the risk of “gun jumping”
-Due Diligence – what to look for
-Post-merger considerations for fostering and perpetuating a “Culture of Compliance”
-Managing compliance concerns that are discovered post-closing
Un estudio sobre las caracteristicas del tratamiento sde la TB XDR en sudafrica y el pronostico de vida de los pacientes segun las estrategias terapeuticas
Introduction to Social Media for filmmakersSales Hub Pro
A brief introduction to the idea of using social media and the internet to tell stories through the medium of film and television. The slides are a collection of ideas and references that are useful for anyone working with narrative, storytelling and writing for various mediums. Andrew McAvinchey with slides and links from many sources including Stephanie Spiro who provided the slides on Twitter use
IN THIS SUMMARY
Within the past 10 years, China has evolved from a third world country into one of the most economically powerful countries in the world, second only to the United States. With China’s government-backed development of industry and excellent trade balance, they are on the path to passing the U.S. and becoming the most powerful nation on earth. The United States’ continuous outsourcing of jobs, weakening industries, and consumer focused culture are crippling the country economically and increasing the need for imports from China, further boosting Chinese industry. In Chinamerica, Handel Jones outlines what China is doing to further itself as an economic powerhouse, and what America can do to further its economic future while maintaining positive trade balances.
SUBSCRIBE TODAY
http://www.bizsum.com/summaries/chinamerica
There are complex securities laws that can be triggered in the business acquisition context. Because the penalties for securities violations are severe, it is always worth the time to have securities counsel review the transaction and confirm compliance with the securities laws.
In this age of global business operations and opportunities, it is a business imperative to have an effective FCPA Compliance Program. In this webinar co-hosted with Paul Murdock of MCG Consulting we explore and discuss Foreign Corrupt Practices Act compliance and actions to achieve a FCPA Compliance Program.
For a full video of the recording visit: https://mco.mycomplianceoffice.com/mco-webinar/foreign-corrupt-practices-act-fcpa-compliance-webinar
Government Investigations and Enforcement ActionsPolsinelli PC
The fifth webinar presentation in the M&A Litigation Series examines compliance pitfalls associated with M&A transactions. We will discuss how to evaluate antitrust risks of a transaction. We also will address compliance concerns – such as antitrust, the Foreign Corrupt Practices Act, the False Claims Act, and export control issues – that could significantly impact the scope, duration, and magnitude of necessary due diligence. Finally, we will address post-merger considerations that could decrease the severity of a compliance concern if one were to arise after a merger or acquisition has been completed.
On our agenda:
-Pre-transaction – evaluating the transaction itself from an antitrust perspective
-Pre-closing – managing client conduct and the risk of “gun jumping”
-Due Diligence – what to look for
-Post-merger considerations for fostering and perpetuating a “Culture of Compliance”
-Managing compliance concerns that are discovered post-closing
Un estudio sobre las caracteristicas del tratamiento sde la TB XDR en sudafrica y el pronostico de vida de los pacientes segun las estrategias terapeuticas
Introduction to Social Media for filmmakersSales Hub Pro
A brief introduction to the idea of using social media and the internet to tell stories through the medium of film and television. The slides are a collection of ideas and references that are useful for anyone working with narrative, storytelling and writing for various mediums. Andrew McAvinchey with slides and links from many sources including Stephanie Spiro who provided the slides on Twitter use
IN THIS SUMMARY
Within the past 10 years, China has evolved from a third world country into one of the most economically powerful countries in the world, second only to the United States. With China’s government-backed development of industry and excellent trade balance, they are on the path to passing the U.S. and becoming the most powerful nation on earth. The United States’ continuous outsourcing of jobs, weakening industries, and consumer focused culture are crippling the country economically and increasing the need for imports from China, further boosting Chinese industry. In Chinamerica, Handel Jones outlines what China is doing to further itself as an economic powerhouse, and what America can do to further its economic future while maintaining positive trade balances.
SUBSCRIBE TODAY
http://www.bizsum.com/summaries/chinamerica
Selling Blue Elephants is about a single concept, the process of Rule Developing Experimentation, or RDE. The text divides the concept into several sections that examine real-life scenarios, the applications of RDE on product development and graphic design, and the use of the process in areas like technology and politics.
Despite these varying topics, the chapters follow a similar structure. Each uses specific examples, then goes into greater detail. The chapters are split frequently into headings, including frequent sides into the history or technology behind a certain topic. The text also uses a variety of charts to show the results of RDE tests. Readers should be aware that the book deals with an experimentation process; much of the information is data on test results. The charts and alternative explanations are designed to make the process easier to understand.
As the text continues, it begins to deal with more abstract concepts, such as the political use of RDE to analyze public concerns, and the use of RDE to study emerging nations and the stock market. The text ends with a brief epilogue and an index for the variety of terms used and businesses discussed.
Nowadays, internet are filled with so many services, some of them are social medias. Since humans habit is to socialize and interact. But, we do need the proper habit to be socialized in internet, who could affect our actual life.
Promise and perils : Qualitative research in our connected, mobile worldThe Added Value Group
The promise of Mobile Qualitative Research is huge, and incredibly exciting: Real time, immediate, unobtrusive access to respondents. In a space that can feel fatigued by tried-and-true methodologies and even knowing and experienced respondents, mobile qualitative feels like a fresh and authentic way to engage people as people (not as consumers). At its best the mobile device, an appendage for many, enables people to conduct their own ethnographies with the researcher as virtual observer. The implications titillate: What is seen when we’re “not around” has got to be the most interesting and insightful, because it occurs when people are not being “watched.” The cost implications are doubly enticing: we can now engage with respondents domestically and internationally without the travel expense (and inconvenience)!
But don’t get distracted by the shiny object: Mobile is a tool. Like a focus group, an in-depth interview or a psychodrawing, which needs facilitation to make sure it’s used optimally. To deliver on its promise of engaging respondents and delivering quality, thoughtful output requires careful and considerate thinking and planning – pre, during and post field. Yes, we have access to real people but do we have involvement? Do we have ownership? A picture from a shop-along is only as good as the story attached, and the insights we, as researchers, draw from it.
In this presentation, we address both the promise and perils of mobile qualitative, and share some best practices and the latest findings from our mobile development labs.
A review of insider trading law, with emphasis on its application to recent cases involving hedge funds. Reviews Preet Bharara’s scorecard, the Galleon case, materiality and the “Mosaic Theory," and tipping chains.
This talk describes the various pitfalls and sources of securities law, corporate law, fraud, and other liability crowdfunding project sponsors and their advisors may suffer. FIRA guidelines for private offerings are mentioned, as are other ways to provide full disclosure and avoid liability.
Trade Secret and Unfair Competition - Employment IssuesQWCooper
Protecting Trade Secrets is critical for business success.
This presentation will provide a general overview of trade secrets
and unfair competition in the work place and provide some tools for companies to safeguard trade secrets and mitigate potential risks.
Trade Secret and Unfair Competition - Employment IssuesQWCooper
Protecting Trade Secrets is critical for business success.
This presentation will provide a general overview of trade secrets
and unfair competition in the work place and provide some tools for companies to safeguard trade secrets and mitigate potential risks.
Single Asset Real Estate Cases (Series: Ethical Issues in Real Estate-Based B...Financial Poise
Anyone involved in the field of creditors rights on a matter involving an LLC that exists solely to hold the principal asset has surely seen the play where, the night before property is scheduled to be sold at a foreclosure auction, the debtor files bankruptcy. For those not familiar with the process, doing so invokes the “Automatic Stay”, which prohibits the secured lender from foreclosing on the property. The debtor then attempts to make their case to the court for reorganization. But is failing to pay your mortgage really something bankruptcy was meant to solve? If the bank was going to agree to a loan modification, wouldn’t the parities have worked something out by the time the sheriff sale was set? The bankruptcy code recognizes this and therefore has a section devoted to dealing with this specific kind of bankruptcy—the Single Asset Real Estate (“SARE”) case. The goal of this episode is to look into ethical issues surrounding these matters.
To listen to this webinar on-demand, go to: https://www.financialpoise.com/financial-poise-webinars/single-asset-real-estate-cases-2020/
Investor relations or stock promotion involves the dissemination of information about a public company to increase its stock price and/or trading volume.
The person who publishes this information is sometimes referred to as a “Stock Promoter”, “Investor Relations Provider” or “Stock Tout”.
Investor relations or stock promotion involves the dissemination of information about a public company to increase its stock price and/or trading volume.
The person who publishes this information is sometimes referred to as a “Stock Promoter”, “Investor Relations Provider” or “Stock Tout”.
[Note: This is a partial preview. To download this presentation, visit:
https://www.oeconsulting.com.sg/training-presentations]
Sustainability has become an increasingly critical topic as the world recognizes the need to protect our planet and its resources for future generations. Sustainability means meeting our current needs without compromising the ability of future generations to meet theirs. It involves long-term planning and consideration of the consequences of our actions. The goal is to create strategies that ensure the long-term viability of People, Planet, and Profit.
Leading companies such as Nike, Toyota, and Siemens are prioritizing sustainable innovation in their business models, setting an example for others to follow. In this Sustainability training presentation, you will learn key concepts, principles, and practices of sustainability applicable across industries. This training aims to create awareness and educate employees, senior executives, consultants, and other key stakeholders, including investors, policymakers, and supply chain partners, on the importance and implementation of sustainability.
LEARNING OBJECTIVES
1. Develop a comprehensive understanding of the fundamental principles and concepts that form the foundation of sustainability within corporate environments.
2. Explore the sustainability implementation model, focusing on effective measures and reporting strategies to track and communicate sustainability efforts.
3. Identify and define best practices and critical success factors essential for achieving sustainability goals within organizations.
CONTENTS
1. Introduction and Key Concepts of Sustainability
2. Principles and Practices of Sustainability
3. Measures and Reporting in Sustainability
4. Sustainability Implementation & Best Practices
To download the complete presentation, visit: https://www.oeconsulting.com.sg/training-presentations
RMD24 | Debunking the non-endemic revenue myth Marvin Vacquier Droop | First ...BBPMedia1
Marvin neemt je in deze presentatie mee in de voordelen van non-endemic advertising op retail media netwerken. Hij brengt ook de uitdagingen in beeld die de markt op dit moment heeft op het gebied van retail media voor niet-leveranciers.
Retail media wordt gezien als het nieuwe advertising-medium en ook mediabureaus richten massaal retail media-afdelingen op. Merken die niet in de betreffende winkel liggen staan ook nog niet in de rij om op de retail media netwerken te adverteren. Marvin belicht de uitdagingen die er zijn om echt aansluiting te vinden op die markt van non-endemic advertising.
Tata Group Dials Taiwan for Its Chipmaking Ambition in Gujarat’s DholeraAvirahi City Dholera
The Tata Group, a titan of Indian industry, is making waves with its advanced talks with Taiwanese chipmakers Powerchip Semiconductor Manufacturing Corporation (PSMC) and UMC Group. The goal? Establishing a cutting-edge semiconductor fabrication unit (fab) in Dholera, Gujarat. This isn’t just any project; it’s a potential game changer for India’s chipmaking aspirations and a boon for investors seeking promising residential projects in dholera sir.
Visit : https://www.avirahi.com/blog/tata-group-dials-taiwan-for-its-chipmaking-ambition-in-gujarats-dholera/
Kseniya Leshchenko: Shared development support service model as the way to ma...Lviv Startup Club
Kseniya Leshchenko: Shared development support service model as the way to make small projects with small budgets profitable for the company (UA)
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It is a sample of an interview for a business english class for pre-intermediate and intermediate english students with emphasis on the speking ability.
Improving profitability for small businessBen Wann
In this comprehensive presentation, we will explore strategies and practical tips for enhancing profitability in small businesses. Tailored to meet the unique challenges faced by small enterprises, this session covers various aspects that directly impact the bottom line. Attendees will learn how to optimize operational efficiency, manage expenses, and increase revenue through innovative marketing and customer engagement techniques.
Implicitly or explicitly all competing businesses employ a strategy to select a mix
of marketing resources. Formulating such competitive strategies fundamentally
involves recognizing relationships between elements of the marketing mix (e.g.,
price and product quality), as well as assessing competitive and market conditions
(i.e., industry structure in the language of economics).
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Business Valuation Principles for EntrepreneursBen Wann
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28. WHAT IF FAMOUS CASES HAPPENED IN TURKEY? ? √ ? The attorney, after having learned of the law firm’s client’s planned tender offer , purchased call options in the target company prior to the announcement of the tender offer. O'Hagan √ In Turkey this case would be interpreted as manipulation. A columnist of the Wall Street Journal traded the securities he wrote about and in turn gained a profit. Carpenter √ √ √ A company’s former official’s selective disclosure of insider information to an analyst giving an unfair advantage to the analyst and the analyst’s clients over the public generally Dirks ? √ ? A financial printer deduced the names of the target companies in takeover bids from the documents he printed. He purchased the target company’s securities before the announcement of bids and sold them after the bids, thus making a profit. Chiarella √ √ √ Insiders of a mine company purchased company stock on the open market with knowledge of a valuable mineral find that had not been publicly announced and made a considerable profit after the announcement. Texas Gulf Sulphur √ √ √ A registered broker-dealer directed his customers to liquidate their holdings in Curtis-Wright stock because he had advance knowledge of a dividend cut . Cady Roberts Co. Turkey? Gain/Loss Materiality Subject Case Conviction in Turkey
We will see that insiders do not have from inside the firm. The term insider encompasses may people ranging from a psychiatrist or a financial printer. ( Psychiatrist case is United States v. Willis. )
The European Council adopted the Directive on insider dealing and market manipulation (market abuse) on 3rd December 2002. The Directive is due to be implemented by Member States of its publication in the EU’s Official Journal.
However none of these views make sense. First, as Prof. Loss and Seligman noted, wage market already compensates hard worker and those who do not contribute to the company may also benefit from insider trading. Scienter is required to prove insider trading and investigations are difficult. Most of the illegal activity remains undetected. Maybe for equities trading you can say that the transaction anyway would occur. However for options for example, these information have crucial importance. You can not ignore them. Professors Loss and Seligman found that insider trading does not have any significant effect on market price and does not make prices smoother It is very difficult and costly for companies to monitor and discipline insider trading.
The purpose of §16 has two aspects According to § 16(a) these insiders file an initial report showing their holdings of all the issuer’s equity securities and if changes occur in their holdings they file a report within the first ten days of that month with the SEC and with the exchanges on which the securities are listed. §16(b) whether P and S or S and P of the issuer’s equity securities. If the issuer does not do so within 60 days, any shareholder can bring a suit against the corporate insider on behalf of the issuer. Statute of limitations is two years after the profit is realized. However short-swing profits are recoverable regardless of whether the insider actually traded on the basis of confidential information or even was in possession of any such information . Nonetheless, this conduct covered by §16(b) is not deemed to be unlawfu l and cannot cause any criminal liability or injunction of SEC.
Once bunu soyle **** §17(a) of the Securities Act and §10(b) of the Exchange Act are the general anti-fraud provisions applicable to insider cases. Although both §17(a) and Rule 10b-5 prohibit the same type of conduct, Rule 10b-5 has a broader scope. Rule 10b-5 applies to both purchases and sales of securities, whereas §17(a) applies only to sales.
unusually short and broad. There is no statutory definition of insider trading. It simply prohibits any person from doing any fraud in connection with any securities trading . The conduct should touch purchases and sales, so any decision to retain stock, although based on inside information, may not be considered under the scope of this Rule. The fraudulent act type is not specified in the rule and this interpretation is left to courts intentionally to provide flexibility in the application.
These are , as we will see, are complementing each other.
This fiduciary duty derives from common law where a company shareholder is a beneficiary of the insider’s fiduciary obligation. Corporate insiders breach a fiduciary duty only for a personal or economic benefit. Burada bu caselerden bahsetmek lazim.
The duty may arise from a fiduciary relationship or from a relationship of trust or confidence. The traditional theory and the misappropriation theory are complementary. The traditional theory targets a corporate insider’s breach of duty to shareholders with whom the insider transacts; the misappropriation theory prohibits trading on the basis of nonpublic information by a corporate “outsider” in breach of a duty owed to the source of the information.
The rule applies regardless of whether the security is exempt from 1933 or 1934 Act or not and regardless of whether the company is publicly or closely held. Use of instrumentalities of interstate commerce, such as phones, facsimiles, or the mails must be proved. A link between the fraud and the purchase or sale Transaction causation: in a face-to-face transaction between seller and purchaser the plaintiff’s reliance can be presumed from the materiality of the omissions. ‘fraud on the market’ theory for proving reliance, simply stating that the reliance requirement in a securities fraud action can be satisfied by a showing that the market price was affected by the misstatement or omission and the plaintiff’s injury is due to a purchase or sale at the then fraudulently induced market price. “loss causation” which provides the necessary connection between the challenged conduct and the plaintiff’s pecuniary loss. A plaintiff is required to prove that a defendant’s misstatement or misconduct was at least a “substantial factor” in causing a loss. As part of the Private Securities Litigation Reform Act of 1995. §21D(b)(4) of the 1934 Act now provides that loss causation is an element of a private law suit for securities fraud.
During the 1960’s, there was a substantial increase in tender offer in U.S but there were no disclosure provisions applicable to tender offers. 1968, Congress adopted the Tender Offer and Takeover of the Williams Act amendments to the Exchange Act. §14-e is one of the Williams Act amendments and it includes general antifraud provision for all tender offers However it is also quite limited in scope, since (1) it does not apply until the offeror has taken substantial steps towards making the offer and (2) both prongs of the rule are limited to information relating to a tender offer.
The SEC does not have authority to prosecute criminal actions against inside traders but it is authorized to ask the Justice Department a willful violation of Rule 10b-5 or 14e-3 is a felony that can be punished by a $1 million fine ($2.5 in the case of corporations) and up to 10 years in jail. The Insider Trading Sanctions Act (ITSA) of 1984 amended the Exchange Act by adding §21A . Since the SEC thus may seek both disgorgement and treble damages (civil penalty), an inside trader faces potential civil liability of up to four times the profit gained. The §21A penalty may be imposed on both traders and tippers and is payable into the Treasury. §21A applies only to transactions effected on an exchange or through a broker-dealer.
At first, private enforcement has evolved solely from judicial implications, even though these rules do not explicitly permit any private lawsuits. . In 1988, Congress enacted the Insider Trading and Securities Fraud Enforcement Act (ITSFEA) which amended the Exchange Act by adding §20A. SEC to pay a bounty to informers of up to 10% of any penalty collected by the SEC.
Section 15(F) requires that every registered broker dealer “establish, maintain and enforce written policies and procedures reasonably designed …. to prevent” violations of the provisions of the Exchange Act which prohibit insider trading and tipping,
However, examples of long established capital markets show that development of capital markets is usually matched with new insider trading schemes and a need for better regulations against it. beginning in the early 1980s, transnational insider trading cases have become increasingly prominent. from both national and international aspects, it is necessary to establish very comprehensive rules against insider trading.
The only difference is that CMB can only request telephone records through prosecutors and this procedure makes investigations longer.
In the case of the repetition of the acts subject to the penalties determined in this Article, the penalties given shall be increased them by one half. In order to raise the penalties, execution of the previous penalty is not a condition. ”
In US : civil proceedings of SEC, criminal proceedings of DJ and private actions. Why civil enforcement : extreme difficulty to prove insider trading. What is in the mind of the trader Direct evidence of insider trading is rare. Evidence is almost entirely circumstantial. You have to examine events like – meetings in restaurants, telephone calls, relationships between people, trading patterns This is why providing civil, as well as criminal, liability is vital to the insider trading program of SEC. Proving a purely circumstantial case is easier in the civil context, Where burden of proof shifts to defendant Subpoena -> to compel witnesses to testify or to produce books, records, and other evidence.
On the other hand, a provision similar to the §16(a)’s public disclosure requirement exists in the Serial :VIII, No:20 “Communique on Principles Regarding Public Disclosure of Material Events” Article 3/H-a which states that: “ major shareholders, chairman, members of BOD, general directors, assistant general directors should publicly disclose when they own more than 1% of the corp. Capital. They have to send it in writing in detail to the Board and the Exchange, every month once this amount is reached. §16 does not make short-swing transactions unlawful Current public disclosure regulations of CMB are as effective as §16 even though they don’t require recovery of such profits, since the main aim of these regulations should be to deter insider trading. As opposed to SEC’s injunction, cease-or-desist, disgorgement, civil penalty powers, the only penalty available to CMB other than criminal ones is prohibition of trading Similar to SEC, CMB also is authorized by law to request the correction of misleading statements and disclosure of material information.
1) Are the non-public information mentioned in these cases able to affect the Value of the security? 2) Have the defendants gained a profit or avoided a loss from this insider trading? Insider trading most often occurs when the inside information involves unexpected events crucial to assessing a company’s value. . Information about tender offers unrelated to business developments ; rather, it is market information about the amount that some third party was willing to pay in the market for the issuer’s stock. Although Turkey’s insider trading implications have not evolved yet to include third party insider trading and the judicial implications of such cases have not been established, due to the provision of “with the aim of gaining benefit for himself/herself or for third parties ” the convictions would also include tippers who have not traded but acted with the aim of gaining benefit for third parties who gained profit or avoided loss as a result of insider trading conduct. Manipulation under Article/A-3 where people giving and disseminating misleading, false, deceiving information and news, make comments or do not disclose information that must be disclosed, will be punished like insider trading.
Turkey’s regulatory system is much different than U.S. and providing CMB with civil action rights or more powerful subpoena power would not result as efficient as U.S. So I proposed more article based changes. This change will allow us to grasp all insider trading cases where the information would be considered important by a reasonable shareholder It will also be able to cover insider trading relate to tender offers. According to Article 47/A of CML,CMB can impose a pecuniary punishment of between 2 billion TL and 10 billion TL on real persons and legal entities if they act in violation of the regulations, standards and forms or general and special decisions made by the Board these fees are paid to the Investors’ Protection Fund. The amount of the fine may be stated as of up to three times profit gained or loss avoided against persons who violated Article 47/A-1 by trading in a security while in possession of material nonpublic information. Bounty : bounties to informants of up to 10% of the civil penalties recovered.
Turkey’s regulatory system is much different than U.S. and providing CMB with civil action rights or more powerful subpoena power would not result as efficient as U.S. So I proposed more article based changes. This change will allow us to grasp all insider trading cases where the information would be considered important by a reasonable shareholder It will also be able to cover insider trading relate to tender offers. According to Article 47/A of CML,CMB can impose a pecuniary punishment of between 2 billion TL and 10 billion TL on real persons and legal entities if they act in violation of the regulations, standards and forms or general and special decisions made by the Board these fees are paid to the Investors’ Protection Fund. The amount of the fine may be stated as of up to three times profit gained or loss avoided against persons who violated Article 47/A-1 by trading in a security while in possession of material nonpublic information. Bounty : bounties to informants of up to 10% of the civil penalties recovered.